In closing readers should remember that a hydrofoil wing/mast combination probably obtains two(2) types of lift. The lift generated by the wings and lift generated by the mast under certain conditions. For list from the mast cross reference the centerboard hydrofoil effect.

1st grade aeronautical engineer trying to apply his college knowledge to hydrofoiling?

Deriving the lift from a given lift coefficient isn't the hardest part, obtaining that coefficient is and for those who know what you are talking about explaining the basic stuff feels a bit weird when you leave out half the the variables unexplained. What CL and density did you use for example?
L = (1/2) d v^2 s CL

L = Lift, which must equal the airplane's weight in pounds
d = density of the air. This will change due to altitude. These values can be found in a I.C.A.O. Standard Atmosphere Table.
v = velocity of an aircraft expressed in feet per second
s = the wing area of an aircraft in square feet
CL = Coefficient of lift , which is determined by the type of airfoil and angle of attack.

These two videos go a long way in explaining wing designs extremely quickly....how they transfer to water I dont know, but I saw a lot of similar foil designs and I would imagine the principles might be somewhat similar. Guys pretty funny too.